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Fiscal Cliff Averted: Senate Passes Deal in New Year’s Day Vote [DOC]

joe biden fiscal cliff deal

In a rare New Year’s Day morning vote, the Senate passed an emergency measure to avert the so-called Fiscal Cliff — the automatic combination of tax hikes and spending cuts set to take effect at midnight this morning, with devastating effects to the economy.

The Fiscal Cliff: Top 10 Facts You Need to Know

The complex animal that is the fiscal cliff is really putting a damper on the Obama victory celebration.

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Vice President Joe Biden and Senate Minority Leader Mitch McConnell brokered the deal, which passed 89 to 8.

The House has yet to vote on the measure.

Here’s the upshot: The deal stops the automatic income tax hikes set to take effect for middle class Americans, targeting increases only for households making $450,000-plus and individuals making $400,000-plus.

However, it fails to address the automatic massive spending cuts to social and military programs — instead delaying that discussion, buying Congress some time and setting up another Fiscal Cliff for March 1, 2013.

Here’s the full text of the 157-page American Taxpayer Relief Act of 2012:

The Fiscal Cliff: Top 10 Facts You Need to Know Vol. 2

Why should you care about the Fiscal Cliff? Because it will screw you out of a ton of money. We break down the numbers.

Click here to read more

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